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shall be collected and paid, an additional sales tax of one-eighth of one percent of <br /> the purchase price of tangible personal property at retail or the furnishing of <br /> services, as authorized at the November 4, 2008 election. <br /> B. Subsection D of Section 3.20.600 of the Louisville Municipal Code is hereby <br /> amended to read as follows (words added are underlined; words deleted are stricken <br /> through): <br /> Sec. 3.20.600. Sales tax—Capital improvement fund. <br /> D. Revenues from the temporary % percent sales tax imposed for the <br /> ten-year period beginning on January 1, 2014 2904 shall be used exclusively for <br /> the acquisition of land in and around the city for open space buffer zones, trails, <br /> wildlife habitats, wetlands preservation and future parks; and for the development, <br /> construction, operation and maintenance of such open space zones, trails, wildlife <br /> habitats, wetlands and parks. <br /> Section 2. Total City tax revenues are estimated to increase by up to $1,500,000 in <br /> the first full year in which the sales tax provided for in this ordinance is in effect. However, the <br /> revenues from said sales tax may be collected and spent, regardless of whether said revenues, in <br /> any year after the first full year in which said sales tax is in effect, exceed the estimated dollar <br /> amount stated above, and without any other limitation or condition, and without limiting the <br /> collection or spending of any other revenues or funds by the City of Louisville, under Article X, <br /> Section 20 of the Colorado Constitution or any other law. <br /> Section 3. This ordinance shall not take effect unless and until a majority of the <br /> registered voters voting at the special municipal election on November 6, 2012 vote "yes" in <br /> response to the following ballot title: <br /> SHALL CITY OF LOUISVILLE TAXES BE INCREASED $1,500,000 IN 2014 <br /> AND THEN ANNUALLY BY WHATEVER ADDITIONAL AMOUNTS ARE <br /> RAISED THEREAFTER FROM THE CONTINUATION OF THE SALES TAX <br /> OF 0.375 PERCENT BEGINNING JANUARY 1, 2014 AND EXPIRING TEN <br /> YEARS AFTER SUCH DATE; WITH THE NET PROCEEDS OF SUCH SALES <br /> TAX TO BE COLLECTED, RETAINED AND SPENT EXCLUSIVELY FOR <br /> THE ACQUISITION OF LAND IN AND AROUND THE CITY OF LOUISVILLE <br /> FOR OPEN SPACE BUFFER ZONES, TRAILS, WILDLIFE HABITATS, <br /> WETLANDS PRESERVATION AND FUTURE PARKS; AND FOR THE <br /> DEVELOPMENT, CONSTRUCTION, OPERATION AND MAINTENANCE OF <br /> SUCH OPEN SPACE ZONES, TRAILS, WILDLIFE HABITATS, WETLANDS <br /> AND PARKS; AND SHALL THE CITY BE PERMITTED TO COLLECT, <br /> RETAIN AND EXPEND ALL REVENUES DERIVED FROM SUCH SALES <br /> TAX AS A VOTER-APPROVED REVENUE CHANGE AND AN EXCEPTION <br /> TO LIMITS WHICH WOULD OTHERWISE APPLY UNDER ARTICLE X, <br /> Ordinance No. 1617, Series 2012 <br /> Page 3 of 5 <br />